Bella Vista at Hilltop, a large apartment complex in Richmond, was purchased for $225 million. The complex consists of 1,008 units, which include both income-restricted and market-rate apartments. The principal owner before the sale was Kennedy Wilson, a Los Angeles-based real estate company. The new ownership includes an affordable housing company called Pacific Housing, which focuses on developing, owning, and managing affordable residential properties. Bella Vista boasts various amenities such as resort-style swimming pools, tennis courts, and a modern fitness center.
Bella Vista at Hilltop, an apartment complex in Richmond with more than 1,000 units, has been bought for $225 million, according to documents filed on July 7 with the Contra Costa County Recorder's Office.
Some units in the apartment complex are offered at market-rate rents. It wasn't immediately clear what level of income restrictions are in place for the property or how many units have income limits.
The transaction creates a new ownership group that now includes an affordable housing company. An affiliate controlled by Kennedy Wilson and Sacramento-based nonprofit Pacific Housing now owns Bella Vista.
Bella Vista offers an array of amenities, including four resort-style swimming pools, lighted tennis courts, and a state-of-the-art fitness center.
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